1967-HKRS28-8-34_Part02 — Page 33

Amendment

of section $4.

Amendment

of section 55.

24

50. Section 54 of the principal Ordinance is amended by- (4) deleting paragraphs (a) and (b) of subsection (1) and

substituting the following--

"(a) the amount of any fees payable under section 12,

12B or 44:

(b) any remuneration and expenses payable by the bank to any person appointed under paragraph (ii) of subsection (1) of section 13:

(c) any remuneration and expenses payable by the bank to the Commissioner or to any person employed or authorized by the Commissioner under section 4A to assist him in the control and carrying on of the business of the bank or to any other person who has assumed control of the business of the bank pursuant to a direction of the Commissioner under paragraph (iii) of subsection (1) of section 13 or an order of the Governor in Council under paragraph (il) of subsection (1) of section 14;

(d) any expenses ordered by the Financial Secretary to be defrayed by the bank under subsection (3) of section 15; and

(e) any remuneration payable by the bank to an auditor appointed under subsection (2) d section 36.";

(b) deleting "(4) in subsection (2) and substituting the

Following-

"(3)"; and following new

(c) inserting the

section (2)—t

(C#, 32.)

(Cap. 63

subsection after sub-

"0) Any sum recoverable under this section at the suit of the Attorney General shall be a debt due to the Crown within the meaning of paragraph (a) of subsection (1) of section 265 of the Companies Ordinance and paragraph (a) of subsection (1) of section 38 of the Bankruptcy Ordinance.".

51. Section 55 of the principal Ordinance is amended by- (a) deleting subsection (2) and substituting the following—

“(2) On a petition by the Financial Secretary. acting in accordance with a direction of the Governor

25

in Council under paragraph (iii) of subsection (1) of section 14, the Supreme Court may-

A

(a) on any ground specified in section 177 of

the Companies Ordinance; or

(b) if it is satisfied that it is in the public interest that the bank should be wound up. order the winding up of a bank in accordance with the provisions of the Companies Ordinance relating to the winding up of companies."; and

(b) inserting the following new subsections after sub-

section (2)—

"(3) Where before the presentation of a petition for the winding op of a bank by the court, whether or not the petition is presented by the Financial Secretary, the Commissioner bas assumed control of the business of the bank under paragraph (iii) of subsection (1) of section 13 or pursuant to an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14 or some other person has assumed control of the business of the bank pursuant to a direction of the Commissioner under paragraph (iii) of subsection (1) of section 13 or an order of the Governor în Council under paragraph (ii) of subsection (1) of section 14 and such control has continued at all times until the presentation of the petition, and a winding-up order is made thereon, then, notwithstanding the provisions of subsection (2) of section 184 of the Companies Ordinance, the winding up of the bank by the court shall, for the purposes of sections 170, 179, 182, 183, 266, 267. 269 and 274, and paragraphs (d), (4), (4), (), 0). (^). (D. (m), (n) and (o) of subsection (1) of section 271, of the Companies Ordinance, be deemed to have commenced at the time the Commissioner or such other person assumed control of the business of the bank.

(4) Where the Commissioner has assumed control of the business of a bank under paragraph (iii) of subsection (1) of section 13 or pursuant to an order of the Governor in Council under para- graph (ii) of subsection (1) of section 14 or some other person has assumed control of the business of a bank pursuant to a direction of the Commis- sjoner under paragraph (iii) of subsection (1) of section 13 or an order of the Governor in Council